Word: amoskeag
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Dates: during 1950-1959
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Died. Frederic C. Dumaine, 85, one of the sharpest of modern-day Yankee trader capitalists; of bronchial pneumonia; in Groton, Mass. At 14 he went to work for the giant Amoskeag cotton mills (for $4 a week); within a few years he was operating in the fishing business, shipbuilding, watchmaking, steamship lines, truckmaking, banking. His biggest coup came in 1948, when he quietly bought enough stock to control the $428 million New York, New Haven & Hartford Railroad (which had kicked him off its board of directors in 1947), before its management knew what was happening. In taking over, Citizen Dumaine...
Mills and Amoskeag Mills were partly built with Harvard money...
...management was new to him, Financier Dumaine went right to work. That meant, first of all, cutting costs to the bone. He had learned the technique-slash wages, cut the staff and sales force, eliminate such "frills" as advertising-in such earlier business ventures as New Hampshire's Amoskeag Manufacturing Co. and the Waltham Watch Co. Amoskeag closed down in 1936 and had to liquidate, but Dumaine came out all right: a holding company controlled by him and some associates had siphoned off about $18 million. After Dumaine sold out of Waltham, it went broke...